Depression Watch (Nov. 11 2008)

Dow Close (Tues) 8,693.96 176.58 (-)
Dow Close (Mon) 8,870.54 75.27 (-)

As job losses mount, there is an estimation that the unemployment rate could double.

China retail sales expand 22% in October
By Chris Oliver, MarketWatch
Last update: 10:30 p.m. EST Nov. 11, 2008
Comments: 49
HONG KONG (MarketWatch) -- Growth in China's retail sales held near an 11-year high in October, rising 22% from a year earlier, and following from a 23.2% rise in September, according to data released Wednesday by the National Bureau of Statistics.
The growth in sales was in line with analysts' expectations. The pace of growth suggests dipping property prices and easing GDP growth has so far had little negative impact upon consumer spending.
Retail sales grew 22% in the January-to-October period from a year earlier. In 2007, retail sales grew 16.8%, the fastest annual expansion in 11 years.

China's trade surplus rose to $35.2bn (£22.48bn) in October, hitting a record for a third month in a row, data shows. --- The surplus, the difference between the value of exports and imports, rose 20% from September's $29.36bn high. --- Despite the rise, there were signs that foreign demand for Chinese goods was beginning to slow amid the downturn. --- BBC

China's consumer price inflation fell back to an annual rate of 7.7% in May, official figures show, as efforts to slow food price growth kicked in. --- The decline from April's 8.5% rate had been expected, but analysts warned that the surging price of crude oil posed a continued threat. --- BBC

The Looming Energy Crisis? (re: The ban on drilling for oil & The cost of Kyoto)

One of the world's leading authorities on energy supply says the era of cheap oil is over and prices could soon be back up to $100 a barrel. --- The International Energy Agency (IEA), in its World Energy Outlook for 2008, says prices could soar as high as $200 a barrel by 2030. --- The immediate risk to supply, it says, is not one of a lack of global resources. --- Instead, it points to a lack of investment where it is needed. - BBC

UK experts give blackouts warning

The possible energy gap is being created because of the impending closure before 2015 of nine of our major coal and oil-powered plants. --- This is due to an EU directive on acid rain. The issue is compounded by the closure of four ageing nuclear plants during the same period. - BBC

Blackouts after Sizewell shutdown
Homes and businesses in London, East Anglia, Cheshire and Merseyside were affected between 1100 BST and 1300 BST. --- The shutdown cut off supplies to the National Grid within minutes of another plant - the coal-fired Longannet power station in Fife - going offline. - BBC

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